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November 08, 2010CanAlaska Uranium Common Shares to Commence Trading on a Consolidated Basis

CanAlaska News Release - Sept 28 2010

Vancouver, Canada, November 8th, 2010
-- CanAlaska Uranium Ltd. (CVV -- TSX.V) (the
"Company" or "CanAlaska") announced
today its Board of Directors has authorized the implementation
of a share consolidation on the basis of one post-consolidation
Common Share for every 10 pre-consolidation Common Shares,
effective November 8, 2010 (the "Effective Date").

The
approximately 172 million Common Shares of the Company currently
outstanding will be reduced to 17,211,621 Common Shares, as
approved by shareholders at the Company's annual and special
meeting held on September 23, 2010. No fractional shares will be
issued. Any fractions of a share will be rounded down to the
nearest number of Common Shares that is a multiple of 10. The
exercise price and the number of Common Shares issuable under
any of the Company's outstanding warrants and stock options will
be proportionately adjusted upon consolidation.

The share
consolidation has received approval from the TSX Venture
Exchange ("Exchange").

The
Company's Common Shares will continue to be traded on the
Exchange under the symbol "CVV" on a post-consolidation basis,
under a new CUSIP number -- 13708P 20 1. The ISBN number is
CA13708P2017. CanAlaska's Common Shares are expected to begin
trading on a post-consolidation basis on the Exchange when
markets open on Monday November 8, 2010.

The
Company's shares continue to trade OTCBB and the new symbol on
this date will be CVVUD. Please note that the "D" will be
removed 20 business days from the Effective Date. The shares
are also quoted on the Frankfurt Exchange symbol DH7.F.

CanAlaska has retained
its transfer agent, CIBC Mellon Trust Company, to act as
exchange agent for the share consolidation. Shareholders of
record as at the Effective Date will receive a letter of
transmittal providing instructions for the exchange of their
Common Shares.

President Peter Dasler
commented "CanAlaska has been able to carry out extensive
exploration, and define targets with significant uranium
exploration potential in the Athabasca Basin and surrounding
areas". The value of our partner's significant contributions to
the $75 M of exploration has never been reflected in the
Company's market capitalization. The current share
consolidation is one step in the Company's path to realize this
investment in its exploration progress.

About CanAlaska Uranium

CANALASKA URANIUM LTD. (CVV -- TSX.V, CVVUD -- OTCBB, DH7 -- Frankfurt)
is
undertaking uranium exploration in twenty 100%-owned and three
optioned uranium projects in Canada's Athabasca Basin -- the
"Saudi Arabia of Uranium". Since September 2004, the Company
has aggressively acquired one of the largest land positions in
the region, comprising over 2,500,000 acres (10,117 sq. km or
3,906 sq. miles). To-date, CanAlaska has expended over Cdn$70
million exploring its properties and has delineated multiple
uranium targets.

The TSX Venture has not reviewed and does not
accept responsibility for the adequacy or accuracy of this
release: CUSIP# 13708P 10 2. This news release contains certain
"Forward-Looking Statements" within the meaning of Section 21E
of the United States Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical
fact, included herein are forward-looking statements that
involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from
those anticipated in such statements. Important factors that
could cause actual results to differ materially from the
Company's expectations are disclosed in the Company's documents
filed from time to time with the British Columbia Securities
Commission and the United States Securities & Exchange
Commission.

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